ICICI Ventures, a fund management company under ICICI Bank, is expected to buy stake in Theobroma. ICICI Venture will invest 20 million dollar to buy stake in Theobroma bakery chain.

This marks the third transaction from ICICI Venture. ICICI Venture is one of the biggest alternative asset management companies and has nearly 4.15 billion Dollar across four platforms of private equity, power platform in JV with Tata Power, AION and real estate. Earlier last year ICICI Venture had 190 million Dollar and 350 million Dollar of funding.

Theobroma, launched by a pastry chef Kainaz Messman Harchandrai, has 15 outlets across Mumbai and Delhi region. Its product profile includes chocolates, cookies, pastries and toffees. It bears centralized production facilities at each city. The bakery enjoys high take-away ratio and low capex per outlet boosting profitability.